金融开放与委托贷款供给——基于外资银行进入视角  

Financial Opening and Entrusted Loan Supply——Based on the Perspective of Foreign Bank Entry

作　　者：白俊[1,2] 董颖颖 罗玮婷 Bai Jun;Dong Yingying;LuoWeiting(School of Economics and Management,Shihezi University,Shihezi 832000,Xinjiang,China;Research Center for Corporate Governance and Management Innovation,Shihezi University,Shihezi 832000,Xinjiang,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000 [2]石河子大学公司治理与管理创新研究中心,新疆石河子832000

出　　处：《金融发展研究》2023年第2期16-23,共8页Journal Of Financial Development Research

基　　金：国家自然科学基金项目“企业‘类信贷’与金融稳定性研究”(72162030)。

摘　　要：如何缓解我国金融资源错配引发的信贷配置效率低下问题是相关决策部门以及社会各界关注的重点。本文基于外资银行进入视角,研究金融开放对委托贷款供给的影响及作用机理。以2006—2020年A股上市公司数据进行实证检验,研究发现:在外资银行进入后,企业委托贷款供给显著降低;机制检验表明,外资银行进入通过竞争效应和技术溢出效应抑制委托贷款供给;进一步研究显示,外资银行进入对委托贷款供给的抑制程度在货币政策紧缩时期以及在国有企业中更加显著;拓展性检验发现,外资银行进入抑制了委托贷款的发展空间,进而降低了其所引发的金融风险,维护了金融稳定。研究结论为新时期如何把握金融开放带来的机遇、促进中国金融体系的优化升级以及防范委托贷款所带来的金融风险提供了经验证据。How to alleviate the problem of inefficient credit allocation caused by the mismatch of financial resources in China is the focus of attention of relevant policy-making departments as well as the community.Based on the perspective of foreign bank entry,this paper investigates the impact of financial liberalization on the supply of entrusted loans and the mechanism of its effect.An empirical test with data of A-share listed companies from 2006 to 2020,the study found that:the supply of entrusted loans to enterprises significantly decreased after the entry of foreign banks;mechanistic tests suggest that the entry of foreign banks suppresses the supply of entrusted loans through competitive effects and technology spillovers;further research shows that the extent to which foreign bank entry inhibits the supply of entrusted loans is more pronounced during periods of tight monetary policy and among SOEs.The extended test finds that the entry of foreign banks inhibits the scope for entrusted loans,which in turn reduces the financial risks they pose and maintains financial stability.The findings of the study provide empirical evidence on how to seize the opportunities brought by financial liberalization in the new era,promote the optimization and upgrading of China's financial system,and prevent the financial risks arising from entrusted loans.

关 键 词：外资银行进入 委托贷款供给 金融资源错配 信贷配置效率 

分 类 号：F832[经济管理—金融学]